BENGALURU: Fintech giant Razorpay has announced the acquisition of fintech start-up IZealiant Technologies, which provides payments technology solutions for banks, for an undisclosed amount. This will strengthen the company’s Banking Solutions Arm to build innovative payment banking technologies for partner banks, Razorpay said.
Founded in 2015, IZealiant is a Pune-based start-up that provides mobile-first, API-enabled and cloud-ready payment processing products for banks and financial institutions. Razorpay’s Banking Solutions Arm works with over 45 banks in India. The fintech unicorn in December last year raised $375 million in Series-F funding round with a valuation of $7.5 billion. It recently expanded into South-East Asia with the acquisition of Malaysian fintech firm Curlec.
Harshil Mathur, CEO and Co-founder of Razorpay said, “The team at IZealiant has extensive experience in developing and implementing complex, high-performance acquiring and issuing systems.”
Razorpay serves over 8 million businesses including Facebook, Ola, Zomato and Swiggy.